Letter Agreement Amending Lease Allowance Schedule between NOP Riverfront LLC and Pegasystems Inc.
This letter agreement between NOP Riverfront LLC (landlord) and Pegasystems Inc. (tenant) modifies the schedule for Pegasystems to use certain improvement allowances under their lease for office space at 101 Main Street, Cambridge, MA. Pegasystems must now use at least 20% of each allowance by May 16, 2004, and an additional 20% each year until May 16, 2008. The landlord may refuse to fund improvements related to subleases or assignments, except to a defined successor. Both parties have agreed to these revised terms in writing.
Exhibit 10.24
November 5, 2002
Pegasystems Inc.
101 Main Street
Cambridge, Massachusetts 02142
Attention: Mr. Christopher Sullivan
| Re: | Lease dated February 26, 1993 with NOP Riverfront LLC, as successor in interest to Riverfront Office Park Joint Venture, and Pegasystems Inc. (as amended, the “Lease”) regarding space at 101 Main Street, Cambridge, Massachusetts |
| Dear | Chris: |
You have advised us about a change in the anticipated schedule for Pegasystems to make tenant improvements in its space at 101 Main Street. Paragraphs 1(e) and 1(f) of Amendment No. 8 to Agreement of Lease dated July 31, 2002 contemplate that Pegasystems would perform certain improvements and requisition the Finish Work Allowance and the Additional Allowance no later than May 16, 2004. This letter will confirm the Landlord’s agreement that (a) the May 16, 2004 outside date will apply to 20% of each such allowance, and (b) Pegasystems will requisition at least an additional 20% of each such allowance each anniversary thereafter through May 16, 2008, provided that the Landlord reserves the right not to fund any such requisition for work in connection with any sublease or assignment (other than to a Successor as defined in Section 14.3 of the Lease). Capitalized terms used and not defined herein have the meanings set forth in the Lease.
| Sincerely, | ||
| /s/ SHAY SIMS | ||
| Shay Sims Property Manager | ||
Acknowledged and Agreed:
| PEGASYSTEMS INC. | ||
| By: | /s/ CHRIS SULLIVAN | |
| Chris Sullivan CFO | ||
C: Michael Francis
